Australia's Sunshine Metals falls most in about 2 months on discounted placement

Sunshine Metals

25/03/2024 02:04

** Shares of Sunshine Metals  SHN.AX  slip as much as 14.3%
to A$0.012, their biggest intraday pct loss since Feb 8
    ** The gold and copper explorer says it completed an A$4 mln
($2.61 mln) placement 
    ** Issue price of A$0.011 per share is at a 21.4% discount
to last close on March 20 
    ** Says funds raised to be used to accelerate drilling at
Liontown footwall zone 
    ** Shares hit their lowest level sinc March 7
    ** About 5.5 mln shares exchange hands vs the 30-day average
of abput 3.6 mln shares
    ** Stock flat YTD, as of last close

    ($1 = 1.5316 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))